USDA raised old-crop and new-crop carryover's by 5.0 million bushels. Also, 2005-2006 world ending stocks were lowered from 55.94 million metric tons in May to 55.5 million. For 2006-2007, world soybean ending stocks were estimated at 57.92 million metric tons.

"For soybean oil, USDA reduced its domestic usage estimate, which is surprising given the evidence that biodiesel usage is increasing," Fricke said.